3 Cognitive Pitfalls That Are Ruining Your Business: How to Unravel the Biases in Decision-Making

calendar iconJanuary 17, 2024

Francesco Fazio, Partner in Cherry Bekaert’s Strategic Growth & Innovation practice was recently published in Entrepreneur, discussing how businesses are not purely rational actors due to human influence, challenging the historical belief in logic-driven decision-making. Behavioral science, highlighting cognitive biases in decision-making, has shifted this perspective. These biases, or mental shortcuts, often cloud relevance, and, despite AI’s capabilities, it remains susceptible to the same biases. Recognizing and addressing cognitive biases is crucial for businesses, as they can obscure significant threats, emphasizing the importance of awareness in overcoming these challenges.

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Cherry Bekaert’s Strategic Growth & Innovation team is comprised of strategists and consultants that help organizations see market trends before the competition to anticipate the needs of customers and take advantage of new untapped growth opportunities. Our professionals develop unique strategies and innovation processes to create sustainable, industry-breaking profitable growth.

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